Deal significance: Paid by Coins has achieved one of the largest potential acquisition deals for a business founded only seven months ago. The deal size is between $6 million and $20 million depending on revenue targets being met.

Further quotes:

· Giuseppe Porcelli of Lakeba said: “The Lakeba model has been integral in the launch of Paid By Coins in February as a brand new business to the significant sale of the business. Partnering with Mobecom will bring significant benefits for both partners.”

· Neil Joseph, CEO of Mobecom said “There are great synergies between Paid By Coins and Mobecom’s existing products, particularly our Muulla and airBux platforms. This acquisition will help rapidly advance our business in the digital currency space.”

· Michael Bacina, Piper Alderman said “It’s great to see such a significant acquisition of such a young company operating in such an early stage and rapidly growing industry. This underscores how fast and valuable blockchain businesses can become as the technology continues to be adopted. In this space business moves very fast and it’s a pleasure to have had a collaborative approach with the legal teams to overcoming challenges.”

The ACCC has recently cracked down on the waste management sector in relation to their use of unfair contract terms (UCT) in standard form contracts. Further, the ACCC is advocating for the “toughening up” of UCT laws in order to ensure that large businesses toe the line.